Iraq has sold over $38.7 billion of oil since 1996

Published December 6th, 2000 - 02:00 GMT

Iraq has sold more than $38.7 billion worth of crude oil, or more than 2.207 billion barrels, since the beginning of the "oil-for-food" program in December 1996, the United Nations said Tuesday. 

 

Iraq has also exported 376.3 million barrels of oil worth $9.7 billion since the oil-for-food program's eighth phase began in June, a UN statement said. 

 

The program, designed to offset the humanitarian consequences of the 10-year-old embargo on Iraq, lets Baghdad sell oil under UN supervision in exchange for food, medical supplies and other necessities. 

 

The eighth phase of the program ends at 0500 GMT Wednesday. The UN Security Council got down to hard bargaining Tuesday over proposals to extend the scope of the oil-for-food programme for another six months. 

 

Iraq suspended its exports of about 2.4 million barrels a day last Thursday, in a disagreement with the United Nations over a pricing formula for December, which had yet to be resolved Tuesday, the UN spokesman said. 

 

"No agreement has yet been reached between Iraq's State Oil Marketing Organization (SOMO) and the United Nations oil overseers on the pricing mechanism for the sale of Iraqi oil for the month of December," Fred Eckhard said.—AFP. 

©--Agence France Presse. 

 

© 2000 Mena Report (www.menareport.com)

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